Initiated and established
The Hongkong and Shanghai Banking Corporation was founded in Hong Kong in 1864 by Scotsman Thomas Sutherland (or translated as Su Shilan, Thomas Sutherland) with a capital of HK$5 million. round. The initial members of the founding committee included Messrs Dent & Co. (Chairman of the Committee), Messrs Aug Heard & Co., Messrs Sassoon Sons & Co., and British Steam Navigation Co. The Peninsular & Oriental Steam, Messrs Siemssen & Co, Gilman & Co, Messrs P Cama Co and other ten foreign companies. It was officially founded in Hong Kong on March 3, 1865. One month after the opening of the Hongkong and Shanghai Banking Corporation, its branch in Shanghai opened.
Early development
In July 1865, the Hongkong and Shanghai Banking Corporation opened its London branch and opened an agency in San Francisco until it became a full-service branch in 1875. In 1866, HSBC opened a branch in Yokohama, Japan, and became a consultant to the Japanese government. In 1888, HSBC Thailand Branch was established, becoming the first bank in Thailand and issuing the first batch of banknotes for Thailand. The Hongkong and Shanghai Banking Corporation initially provided financial services to foreign companies (mainly British-owned) in China. Although it had established a network of branches and agency banks around the world in its early days, its main business was still in China and other Asia-Pacific regions. The original name of The Hongkong and Shanghai Banking Corporation was Hongkong and Shanghai Banking Company Limited. In 1866, its English name was changed to The Hongkong and Shanghai Banking Corporation, and in 1881, its Chinese name was changed to The Hongkong and Shanghai Banking Corporation. The word "HSBC" is said to have been suggested by the Chinese comprador Gu Yingchun after calculating the fortune and misfortune of the strokes, taking its meaning of "rich remittances". Early trademark of The Hongkong and Shanghai Banking Corporation
By 1900, HSBC also established branches in other parts of the Far East, such as India and Singapore. After 1911, HSBC obtained the right to collect Chinese customs duties and salt taxes. By the beginning of the 20th century, HSBC had become the largest bank in the Far East. The foreign exchange handled by HSBC often accounts for 60-70% of the Shanghai foreign exchange market trading volume. During the First World War, HSBC's business was temporarily interrupted. With the end of the war, the company's business expanded further. During World War II, HSBC's business was again affected and its head office was temporarily moved to London. After the war, business operations in Hong Kong resumed operations and the operating rights of the Hong Kong head office were regained. In 1949, as the Communist Party of China took power, HSBC's branches in mainland China were closed one after another. Only the branch in Shanghai continued to operate. HSBC became one of the few foreign banks that did not interrupt its business in mainland China. In view of the limited development space, HSBC began to operate as a group in the 1950s.
Group operation
The Hongkong and Shanghai Banking Corporation, under the leadership of Michael Turner, began to operate as a group in 1953. First, in 1955, the group's first subsidiary, the Hong Kong and Shanghai Banking Corporation of California, was established in California. In 1959, HSBC acquired Benefit Bank and the Middle East Bank of England, which was the first acquisition of the HSBC Group. In 1965, HSBC acquired a controlling stake in Hang Seng Bank. In 1972, HSBC established Tollywood Limited (the predecessor of HSBC Investment Bank Holdings Limited). In 1980, HSBC took a stake in Marine Midland Bank and became a wholly-owned subsidiary of HSBC in 1987.
In 1981, HSBC acquired a controlling stake in Equator Holdings Limited. In the same year, HSBC failed to acquire Royal Bank of Scotland, but its interest in acquiring large British banks has not diminished. In 1987, HSBC took a stake in the British Midland Bank. Through a cooperation agreement, HSBC and Midland Bank transferred business to each other.
HSBC Holdings was established
On December 17, 1990, The Hongkong and Shanghai Banking Corporation announced a structural reorganization, including: establishing a group holding company named HSBC Holdings Limited, and Upgrading the London Branch of The Hongkong and Shanghai Banking Corporation to the registered office of HSBC Holdings. The shares of HSBC Bank were transferred to HSBC Holdings, and HSBC Holdings issued new shares, exchanging 4 HSBC shares for 1 HSBC Holdings share, and reduced the original issued shares to 3/4 for future overseas listing. HSBC Holdings shares replaced HSBC Bank shares and were listed on the stock exchanges in Hong Kong and London respectively. HSBC Holdings is registered in the UK, but uses Hong Kong as its general management office. The Hongkong and Shanghai Banking Corporation is a wholly-owned subsidiary of HSBC Holdings, and its registration in Hong Kong remains unchanged to facilitate the development of Hong Kong business. In 1991, HSBC Holdings, the parent company of HSBC, was established. The shares of The Hongkong and Shanghai Banking Corporation were transferred to HSBC Holdings, and the Hongkong and Shanghai Banking Corporation was wholly owned by HSBC Holdings. In 1994, the Hongkong and Shanghai Banking Corporation's business in Malaysia was transferred to HSBC Bank Malaysia, which was incorporated locally.